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Creative Financing for Public Companies

Grosvenor is a merchant bank providing distinctive forms of corporate financing for public companies, one of which is a “firm” underwritten rights offering.

Grosvenor’s principals have provided investment-banking services to a wide range of industries. Its Senior Managing Director, Eric Evans, has raised a half a billion dollars for companies through rights-offering techniques.

Grosvenor and its underwriting syndicate invest in companies at prices reflecting the value and risks of such transactions. Proceeds are used primarily to repurchase corporate debt at a discount. Companies benefit from the de-leveraging of their balance sheets, as well as from the implementation of a plan overseen by Grosvenor and senior management to enhance profitability.

Grosvenor analyzes and identifies suitable candidates. It executes transactions designed to finance the company as well as provide superior returns to new stakeholders. It has broad relationships, built over years, with institutional investors who may join its standby underwriting syndicates.

A Grosvenor underwritten rights offering is designed to raise equity through an offering to shareholders, and to re-purchase debt at a discount, thereby de-leveraging the company. Shares not subscribed to by existing shareholders, or by new investors exercising rights purchased in the public rights market, are taken up by a standby underwriting syndicate composed primarily of institutional investors. This assures that the targeted equity needed to complete the debt restructuring will be met.

Raising capital through a public rights offering is a cost-effective, equitable, and flexible method for a public company. It can be used to raise a variety of financing, including common equity, convertible debt, debt with warrants attached, and convertible preferred stock. Rights offerings accord your company the distinct advantage of lower underwriting fees in combination with a “firm” commitment.

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